Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

1) LBH plc issued three notes for ECAPS below:

Highlights:

"The Company has received claims from two holders
of debt instruments, namely LBHI and LB GP No.1"
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"The Administrators consider it possible that there
may be a surplus available in due course for a
distribution to subordinated creditors but, as stated above, there remain a number of variables that would have a significant impact on the quantum of any such surplus."
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"However, the guarantee provided by LBH is subordinated to LBH’s unsubordinated, unsecured creditors and the subordinated creditors referred to above."

Cool!


2) LBHI issued two notes for ECAPS in LBHI's class 10A.

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"Lehman Brothers Holdings plc – In Administration
Joint Administrators’ progress report for the period 15 March 2017 to 14 September 2017


The Administrators are pleased to confirm that the
Inter-Affiliate Settlement was completed in August
2017 and became effective on 6 September 2017.
This enabled a third interim distribution of 62.963
pence in the £ to be declared and paid to the
Company’s unsecured, unsubordinated creditors.
In total, LBH has now declared and paid dividends
totalling c.£709.4m, representing a cumulative
figure of 69.043 pence in the £.
As a result of the Waterfall judgement handed down
by the Supreme Court in May 2017, and in particular
the decisions that Currency Conversion Claims do
not exist and that any contribution claim by LBIE
against its shareholders is limited to non-provable
claims, the Administrators anticipate that further
distributions will be made to unsecured,
unsubordinated creditors.
The quantum and timing of further distributions
remains uncertain, being contingent on the amount
of further recoveries made by the Company from its
equity in LBEL and from its senior and subordinated
claims against LB Holdings Intermediate 2 Limited
(“LBHI2”).


Subordinated creditors
The Company has received claims from two holders
of debt instruments, namely LBHI and LB GP No.1
Limited in Liquidation (“LBGP”). LBGP has claimed
on behalf of three Lehman Brothers Capital Funding
partnerships (the “Funds”):
? Lehman Brothers UK Capital Funding LP
(ISIN: XS0215349357);
? Lehman Brothers UK Capital Funding II LP
(ISIN: XS0229269856); and
? Lehman Brothers UK Capital Funding III
LP (ISIN: XS0243852562).
The Funds are managed by their general partner,
LBGP. The liquidators are Bruce Mackay and
Matthew Haw of RSM Restructuring Advisory LLP,
based at 25 Farringdon Street, London EC4A 4AB.
These claims are subordinated to the claims of
unsubordinated, unsecured creditors and will only
be entitled to receive distributions if the
unsubordinated, unsecured creditors have been
paid in full, including statutory interest.
The Administrators consider it possible that there
may be a surplus available in due course for a
distribution to subordinated creditors but, as stated above, there remain a number of variables that would have a significant impact on the quantum of any such surplus.

As creditors are aware, LBH guaranteed the
investors in the Funds.
Investors in the Funds are invited to notify the
Administrators of any claim against LBH for the
amount they invested in each fund. However, the
guarantee provided by LBH is subordinated to
LBH’s unsubordinated, unsecured creditors and the
subordinated creditors referred to above.
The Administrators estimate that there is unlikely to
be any surplus available to pay a dividend to
creditors with guarantee claims. However, this
position continues to be monitored by the
Administrators."

http://www.pwc.co.uk/business-recovery/administrations/lehman/lbh-ltd-18th-progress-report-for-website.pdf